Innova-tsn at the Insurance Week 2023

Carlos R. Larrea, Business Development Manager at Innova-tsn, started the session with a journey through the evolution of data management in the Insurance Sector, leading up to the current state of the art called the lakehouse. According to Innova-tsn’s annual study on Customer Management in the Sector, there is a widespread concern among insurers surveyed regarding data management.

While some of them have implemented programs to improve their internal data, there is a large group (60%) that does not have clear initiatives yet. As Carlos said, “first things first, tidying up at home” with data before dealing with complex analytical projects.”

 

Ignacio Barahona, Head of Data Value and founding partner of Innova-tsn, stated that insurers are not using data to their full potential:

“Becoming a data-driven company is in everyone’s mind, but leaving a legacy is difficult, although it is true that a lot of progress has been made”.

He also talked about the Data Mesh, a decentralised technical and organisational approach when sharing, accessing and managing data for analytics and machine learning.

 

Ignacio Jiménez, CEO of Iberinform, went on to explain the advantages of APIs in IT: quickly modernising legacy structures, process automation, implementation of agile solutions and making development teams’ work easier.

In terms of business, they work as innovation accelerators: they reduce the time-to-market in the delivery of products and services, establish alliances and new collaboration models and improve the customer experience.

In Ignacio’s words, telling his Iberinform success case: “We turned an internal problem into a competitive advantage.”.  

The session continued with a Round Table moderated by Ignacio Barahona where, together with the guests, Innova-tsn tried to offer a vision of the future of data in the Insurance Sector.

The participants in the Round Table were: 

• Luis Miguel Nuez, Chief Information Officer at SegurCaixa Adeslas. 

• Javier Yuste, Chief of Data Officer atZurich Insurance. 

• Néstor Álvaro, Head of Advanced Analytics & Data Science at Santalucía. 

• Ignacio Jiménez, CEO of Iberinform.

It was a Round Table where insurance experts shared their perspectives on the present and future of their respective companies.

Javier Yuste, pointed out that the competitive advantage lies in the use of data, how they are used, and how they impact business. “Who is facing this challenge and how they are facing it cannot be only from the IT department,”, he said. 
 
Luis Miguel Nuez, Chief Information Officer de SegurCaixa Adeslas, pointed out “we are making intensive use of APIs because of the nature of the structure we have with assistance companies, partners, etc. But we still use them in a very operational environment. When we go to the information aspect, things change a little and the complexity of obtaining this information is great.”

Néstor Álvaro, Head of Advanced Analytics & Data Science de Santalucia, added that the Data Science team in this insurance company is part of the business team. For this reason, he thinks “we are on the right track.”

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In short, it was a day with great reception, in which it was clear that “there is still a long way to go and, without a doubt, the Data mesh, as a transformational data architecture, can become the way forward”.

We, at Innova-tsn, would like to take this opportunity to thank the participants of this session for joining us. We are very grateful to have been able to count on this cast of great professionals in the sector. And, of course, to INESE for their great work in organising this Insurance Week and for their return to the face-to-face format. It has been a pleasure to meet you once again! See you next time.